Market Trends of cat food Industry
Cats are the second-largest type of adopted pets globally due to the growing adoption of cats as companions, and increasing awareness about the benefits of owning a cat is driving the cat market
- Globally, cats are being less adopted as compared to dogs. In 2022, the cat population accounted for 24.8%, increasing by 19.2% between 2017 and 2022. The share of cats will be higher in Europe as they consider them a symbol of luck or fortune since historical times, particularly in Russia, a major country with a high population of cats as pets. The high growth of the cat population globally was because of the rise in pet humanization. Cats require less space to live than dogs and can stay alone in a home for a longer time while no human is available to care for the cat. For instance, between 2017 and 2022, more than 70% of pet parents, including cat parents in Russia and the United States, considered cats as family members, friends, or children.
- Cat adoption significantly increased during the COVID-19 pandemic as people had to stay indoors, and cats could stay indoors without feeling cooped up. Cats are more silent than dogs. The United States witnessed higher adoption of cats as pets during the pandemic because of the work-from-home culture, leading to a demand for companionship, with the higher number of pet owners being millennials. For instance, in 2022, 33% of millennials were pet parents in the United States. The higher adoption of cats during the pandemic is expected to positively impact the pet food market growth for a longer period.
- Factors such as an increase in the adoption and purchase of cats and an increase in pet humanization are expected to boost the pet cat population, which will further help in the growth of the pet food market during the forecast period.
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Easy availability of e-commerce platforms and premium cat food products has led to an increase in pet expenditure
- Globally, there is an increase in expenditure for pets, including cats. The trend of increase in pet expenditure over the last five years till 2022 was due to factors such as rising pet food prices, a rise in premiumization, and growing awareness about the benefits of providing specialized pet food products. Moreover, there is a rise in demand for premium pet food products because pet owners want to feed their pets, including cats, with products that are grain-free and contain natural ingredients. There is growth in demand for pet treats as millennials are more aware of the pet food required by their pets and their craving needs, along with the health benefits of treats. In Hong Kong's cat food market, the premium pet food segment accounted for 75% of the pet food sales in 2022. In 2022, more than 50% of pet parents were willing to provide their pets, including cats, with eco-friendly pet care products by paying a premium price.
- There are a higher number of pet parents, including cat owners, that purchase specialized pet food through online channels as compared to other channels such as pet stores, convenience stores, and others because of the high number of products available on the website and the ease of ordering pet food. Amazon is a leader in pet food sales in the United Kingdom, and the website has received more than 579 million visits annually since the pandemic.
- Factors such as increasing premiumization and growing awareness about the health benefits of consuming good quality food are expected to help in increasing pet expenditure during the forecast period.
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